and is there any concern russia could provide the drone to iran if it recovers it? >> so that would be a hypothetical. again, russia does not have the drone. in terms of working with allies and partners i don't have anything to announce here. but if and when we do, i'll let you know. >> thank you. i know you don't want to share lots of information especially intelligence information, but are you able to say whether the mq9 was flying near ukraine or near the crimean peninsula. and i believe you said if i heard right the russians did not recover the drone. however, have you seen any effort by the russian navy to try to recover the drone? >> yes, on your latter question there, i'm not going to get into

that. in terms of where it was flying, it was well-clear of any territory in ukraine. it was international airspace over international water. thank you. nancy? >> thank you. during secretary austin's visit to egypt he held meetings with officials even though all press were banned from covering it. past defense chiefs when they've been in similar situation have refused to proceed. given the biden administration has said one of its key pillars in terms of foreign policy is when presented between a choice of autocrats and democracies that it stands with democracies. can you help us understand why the secretary proceeded with those trips given the ban. >> our relationship with egypt is obviously an important strategic partnership. the secretary did appreciate the opportunity to meet with his counter parts and talk about that. i will tell you when it came to the press coverage of that

portion having looked further into it, the egyptians lived up to what they had agreed upon. some of the lessons learned out of that was in terms of making sure we were on the same sheet when it came to understanding press access, and so we will continue to work with them. >> the u.s. had agreed beforehand there would be a ban of journalists. >> we did not agree to a ban on journalists. we agreed to have official photographers. we did have one reporter come into the session but a portion open to the press was subsequently not held and therefore there was not an opportunity to cover that. but, again, sometimes these meetings are very small, sometimes there's not the opportunity for media to come in, but again it's something we've noted and continue to work closely with governments to ensure there's press access.

thank you. >> just regarding the budget, for the last few years the services have pursued a divest to invest strategy, and congress hasn't necessarily bought into that. this year the air force is looking to retire more than 300 aircraft, double the amount last year. and congress last year didn't give that full amount. is there a sense that things have changed on the hill, that there's a willingness to approve greater divestment, or is this now kind of becoming a cat and mouse game of shoot with a higher number knowing you're going to get less to try and get to where you want to be? >> you've been listening to the pentagon press briefing with new information about the u.s. drone that was brought down in the black sea after an interaction with russian aircraft. the pentagon saying that the russian aircraft struck the drone and then the u.s. military made the decision to bring it down because it was unflyable.

that information just released there. it is the top of the hour. i'm john berman. >> with us to talk more about what we just heard is natasha bertram at the pentagon,iven watts in eastern ukraine, and cnn military analyst retired air force colonel cedric leighton. we got more details about what took place, this interaction between the drone and the russian mig took place between 30 to 40 minutes. we heard from the press secretary at the pentagon he believes the mig was also damaged and so far the drone has not been recovered by the russians. what more did you learn? >> that's right. we are getting interesting new details from the pentagon press secretary that said those fighter jets were flying alongside that surveillance drone unmanned for about 30 to 40 minutes before they started messing with it. and essentially what happened, he reiterated what we've been told already which is that the

fighter jets started flying very close to that drone all of a sudden and actually started dumping feel out in front of it, and at one point the jets actually hit the propeller of that drone, making it essentially unflyable and forcing the u.s. military to bring it down. now, russia does not currently have the drone according to pentagon press secretary and he would not answer questions about whether or not russia has tried to retrieve the drone. but essentially the message here has been that while this behavior, this kind of interception of the u.s. drones is not uncommon, the behavior of the pilot is very uncommon. they have not seen this kind of activity by russian pilots before, just being so kind of reckless around these u.s. assets in a way that actually could be dangerous as well to the russian fighter jets. now, the pentagon press secretary did say they understand the russian jets did ultimately land, but that these maneuvers they were conducting were very provocative, did have

the possibility of causing both of those aircraft to crash, and that ultimately this is not obviously the kind of behavior they would expect even from the russian pilots with whom of course the united states currently has a very tense relationship with the russians right now. all of this to say this has been a pretty unprecedented moment over the course of the war in ukraine. the u.s. never before revealing anyway that such an incident where an usual collision has taken place between russian and u.s. aircraft has actually occurred. >> colonel leighton, talk to us about the significance of the loss of a u.s. drone due to foreign activity, this being russian activity in this case, the significance of that, how unusual it is and the potential intelligence value if the russians do recover this piece of equipment. >> yeah, john. your last question first. the potential intelligence value is absolutely -- would be

profound. though you can bet the russians are actively trying to go in and recover the drone, the mq9 and see if they can reverse engineer it. kind of what we did with the chinese balloon, this is the kind of thing they happened want to do. as far as the intelligence aspect of this is concerned, this drone was most likely on a collection mission for intelligence, surveillance and reconnaissance as we call it. and what its capabilities are, it's pretty significant. it's able to collect signals intelligence if it's configured for that, can do imagery and other intelligence collection efforts. the loss of any one of these can really serve to make it much harder for us to pick up intelligence in areas that would otherwise be denied to us. >> and ivan watson, this took place over international waters there in the black sea. we heard from the pentagon briefing that the defense department has not yet spoken with russian officials about the

incident. the state department is reaching out for some more explanations on this as well. the russian defense ministry is putting out their side of the story, won't get into that. but in terms of how ukraine is responding, what, if anything, are you hearing? >> so far we have not heard any kind of conifer haitian or information from the ukrainians about what took place here. just to follow on with this, i was aboard a u.s. navy plane, reconnaissance plane three weeks ago, a very different theater. this is the south china sea, but witnessed first-hand a chinese war plane conducting an intercept of a u.s. navy, a piloted plane i was aboard where the chinese jet flew along the wing of the u.s. plane, the navy plane for about an hour. there were communications between the chinese air force and the u.s. navy plane to make sure that no accident could take place. and this is a routine thing that

takes place in the south china sea heavily contested waters. the black sea also is an area where prior to the russian invasion of ukraine there had been incidents where russian jets had buzzed u.s. destroyers, for example, that were conducting maneuvers in the black sea. but this is different, of course. the description, the accusations, the pentagon saying that these jets were actually in physical contact with a drone, with an unmanned aerial vehicle, a very different story, a hostile act, quite frankly, which is what the u.s. has called it. there were hopes in this incredibly tense area, briana and john, of perhaps something moving forward. the russians just agreed with the united nations to continue this black sea initiative, allowing grain to be exported from ukraine to international

markets despite the fact that russian and ukrainian troops are killing each other on front lines about 20, 30 miles from where i'm standing right now. but this new development is going to ratchet up tensions certainly over the black sea and in ukraine and between moscow and washington. >> and again, this incident not over yet as the drone has yet to be recovered either by the russians or any forces friendly to the united states. natasha bertram, ivan watson, colonel cedric leighton, thanks to all of you for your help on this. we'll come back to this obviously if we hear anything else over the next several minutes. in the meantime a source tells cnn the justice department is investigating the collapse of the silicon valley bank, and "the wall street journal" reports the securities exchange commission is doing its own investigation into these failures. >> on sunday the u.s. regulators took the extraordinary step of taking over svb and new york based signature bank to

guarantee their clients' deposits. matt, what more are we learning about these investigations by both the justice department and the sec? >> well, john and briana, clearly authorities are taking this bank collapse very seriously. our colleague paula reid confirmed the justice department is looking into potential criminal violations here, and that's on top of "the wall street journal" reporting the fec is looking into potential civil vielgs. what are authorities looking at? two things. one, the actual collapse of the silicon valley bank. two, stock sales that were made by silicon valley officers in the days before this collapse. now, we should caution the stage of these investigations are in the preliminary stage. we don't know yet if there's going to be findings of wrongdoing, any changes here. clearly there's an effort across the government to understand how this happened. silicon valley bank was not a household name a week ago, buto now it's going down in history as the second biggest bank

failure ever. now people want to understand how this happened. the federal reserve has launched its own review into the regulatory failures here. >> moody's is downgrading the entire u.s. banking sector. >> they're downgrading the outlook of the u.s. banking sector. moody's is warning that more banks are going to come under pressure especially those that share two characteristics with silicon valley bank. one, having a lot of uninsured deposits because the last few days has remiemded us how the uninsured deposits can go away when people are nervous. they're also looking at what banks are sitting on a lot of long-term treasury bonds that have gone down in value as the federal reserve has lifted interest rates because that is another concern here. they're also warning they could downgrade six u.s. banks including first republic bank, western alliance. i think the good news here,

though, stat the regional banking sector has stopped going straight down, which is what it was doing the last few days. it's actually rebounding. we've seen big share price rebounds for first republic and other major banks. and most of those regional banks are still up on the day. >> not what they were though. >> they have pared some of their gains so we do need to keep an eye on that. one positive sign is u.s. treasury officials are saying deposit outflows how much money taken out of small and mid-size banks, that has started to ease. and that's what officials hope will continue to happen as confidence comes back thanks to this big government intervention. >> that perhaps is a more important element here in term of what we're seeing even relative to the stock price. >> joining us now the deputy trerkt of the biden white house

economic counsel, also acting labor secretary for president obama and now a distinguished professor at north eastern university. douglas was the chief economist under president george w. bush, he's also the president of the american action forum. seth, let me start with you. i guess we're day five into this depending on how you're counting exactly. we're about an hour from the markets closing. how do you see things right now? have things sort of stabilized a little bit? >> yeah, i think the president and secretary yellen and the federal reserve did a nice job of immediately communicating to the american people that the banking system is not at risk. there is not systemic risk in the system, that their deposits are safe on the whole, and that investors and the managers who were responsible for these two bank failures are the people who are going to pay the price, not

unintended victims like depositors and the rest of the economy. so i think that very rapid action over the weekend has calmed the water. we saw a little dip in wall street with respect to mid-size banks. now they're recovering slowly. their confidence level is being restored, and that is the only meaningful systemic risk to our economy, is that people lose confidence in our banking system. if that happens we're in trouble, but the president and janet yellen reacted very quickly, and thank they addressed that problem. >> doug, as you know there's already a debate going as to who was responsible for this. is it the investors and bad management decisions as seth just laid out, or is there something more deeper here in terms what some lawmakers are suggesting and that is regulation had been rolled back in 2018 in particular the dodd/frank act and the regulations that specifically followed what these small regional banks should be doing and that perhaps led to where we are right now.

i know you are skeptical about that argument. why? >> i think if you look in particular in silicon valley bank what you see is a business model that was questionable to begin with. their customer base of depositors were narrow, all venture capitalists when one gets in trouble they all get in trouble and when one wants their money back. at the other end they had this heavy concentration of long-term treasury as their capital, and they didn't manage a knowable interest rate risk. there was no surprise the fed was raise rates, and somehow they manage to make a terrible management decision and not move away from that as well. it's also a fact the supervisors didn't pick this up. i find that mysterious the bank examination process didn't flag this. so none of that has anything to do with the actual regulatory structure. it has to do with execution within the management, execution within the bank examination

process. same results when it happened with the 2017 rules and 2019 rule. i don't think that's behind silicon valley bank. the one systemic thing i am concerned about, i don't know, is we went 15 years with zero interest rates, and i'm nervous there's a generation of managers out there who look a lot like svb and don't know how to manage a more complicated interest rate environment, that's something to keep an eye on. >> it's been a long time. i mean it's been a long time since there were interest rates in this economy. i asked -- yesterday i brought up the idea of moral hazard, of guaranteeing deposits of greater than $250,000 and it elicited a grown in the room by some. >> by me. >> one thing people know your money is guaranteed up to $250,000. beyond that it's not. but now, doug, is it? >> well, they have set a precedent that makes me very, very nervous. they've said it's all insured.

there are $10 trillion of deposits in american banking system. is that what they're promising they're going to 100% insure $10 trillion in deposits? that's a bridge too far. i'm worried what they've done there and also very unfair. this is in the end a consequence of the policy errors that gave us inflation, forced the fed to raise rates. there are going to be other people who are hurt by that fallout. there are going to be carpenters and there's going to be small businesses and they're going to close and lose their jobs. we stepped in and helped their venture capitalists. i don't like it a bit. >> this is the same argument made in the last year. let me turn to you what we can now expect to see the fed to do. is it they need anymore crises on their plate, last week at this time we were talking about a 50 basis point interest rate hike. we got a, you know, mixed cpi report this number, the core cpi

really in question and not headed in the right direction. what do you think that fed chair powell does given what we're seeing in the banking sector in this instability? >> i would be surprised if these two bank failures change chairman powell's perspective on the interest rate trajectory. what i hope will change his perspective is not merely that we're seeing somewhat improved inflation numbers, although we all like to see the inflation numbers come down more quickly, but that we're beginning to see some early signs of slowing down in the labor market. there's some good news in the labor market and bad news in the labor market. we saw the unemployment rate kick up a little bit, but that's because more workers are coming back into the labor market, about 200,000 in the last report. that's a very good thing. that's because wages are up. that's because jobs are available, but that also means there will be lesser wage

pressures, and we saw a slowing in wage increases. and although i don't think that wages are the reason that we have inflation of the economy, it is something that the fed is looking at fairly closely. so my hope is that he'll pump the brakes on the increase in the rates, maybe go to 25 basis points or even zero. i think the numbers justify going to zero. i think a lot of folks might disagree with that, but my hope is that they're going to slow town. i think this banking situation is not going to affect them very much. >> yeah, i see doug raising his hand, too. there are a lot of strange arguments keeping where things are right now and seeing how things play out. great to have you on. douglas, you don't agree? you think rates should go up? >> i wouldn't -- they are not going to pause. they will go up. >> okay. we'll leave it there. thank you. >> all right, gentlemen. so happening now in new england a powerful nor'easter has already dumped more than 2 feet of snow in someplace. we're going to live to hard hit

massachusetts with the very latest. and florida governor potential 2024 contender ron desantis is taking some heat from his own party his recent comments on the war in ukraine. we'll have details up next.

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♪ this is how we work now ♪ a powerful nor'easter hitting the northeast all over this morning. this is what it looked like in leads, massachusetts. >> at least 2 feet of snow has already blanketed western mast and southern vermont. now, snow had been falling at a rate of more than 2 inches per hour. the city of worcester, is that right -- the city of worcester is really getting slammed right now where officials warn heavy winds could lead to huge power outages. that's where we find cnn's chris wynn. how fast is the snow falling

there? >> reporter: the snow has definitely picked up over the past hour. in fact, the weather service says some parts of worcester county could see up to a foot of snow. now, a lot of snowplows have been out this afternoon. >> all right, chris, the snow is getting into your audio equipment, i think which does happen when the snow comes down is gets wet and cold hands make it hard to fix. >> in the meantime let's go to cnn meteorologist jennifer gray. just listening to his audio gives a sense of the powerful winds in this storm right now. the governor said there could be a foot of snow by the time this all over. what can we expect? >> well, new jersey's seen about 9 inches. those are the highest totals we've seen reported so far. you can see it's mainly the northern half of the state.

very heavy snow falling cross all interior section of new england and much of the northeast. the consistency of this snow is important. it's very wet, heavy snow. this is definitely going to bring down trees. we've already seen a lot of power outages. that's going to continue and even compromise some structures. that's something we'll be watching for as well. as we go throughout the evening tonight, this is 9:00 tonight, new york city you should pretty much be in the clear by then and boston should still be in the early morning hours but then clearing out by the time we get to mid-morning we should be finished with this storm. so we could see an additional 4 to 6 inches of snow. you can see those areas shaded of purple, but once you get into those dark pinks that's an additional foot to foot and a half of snow and that's going to be for those higher elevations. forecast winds are also a big concern. we're looking at 40 to 65 mile per hour wind gusts with this storm. so as we go forward in time you can see still calling for 40, 45 mile per hour winds. by the time we get into wednesday even long after the

storm is gone, so we're going to have a very cold and windy day across the northeast on wednesday. here are your impacts. you can see the area shaded in red, that's going to be our biggest impacts with wind gusts up to 15 miles per hour or more with that very heavy snow. and guys, travel is going to be a concern as we throughout the evening hours as well. >> that wind on top of the wet, wet snow on these tree that's going to be dangerous in areas. people need to be very careful. jennifer gray, thank you very much. senate minority leader mitch mcconnell is out of the hospital, but he's now in a rehab facility after suffering from both a concussion and broken rib. details on when we may see the top senate republican back on capitol hill up next. than 100 , putting ththe most advanced technology into people's hands. generation after generation.n. tool a after tool. again and again. bringing you the broadest

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senate minority leader mitch mcconnell is now out of the hospital and recovering at an in-patient rehab facility. >> the 81-year-old republican leader suffered a concussion and rib fracture after falling in a d.c. hotel last week. jacqueline, how is it to have to go to a rehab facility after a fall-like this, and what does it tell us about mcconnell's recovery? >> well, it does tell us, john, he's not back at 100% quite yet because he still has to complete this physical therapy at the rehab facility, but this is not uncommon. what we're hearing from his team

in a statement his communications director says, quote, at the advice of his physician the next step will be a period of physical therapy at an in-patient rehabilitation facility before he returns home. over the course of treatment this weekend the leader's medical team discovered he also suffered a minor rib fracture on wednesday for which he's also being treat. so that's the latest we heard. and in this update we also heard his concussion recovery is proceeding well. but to hear these kind of injuries following a fall at his age is not uncommon. this just tells us he has a little more work to do before he's back at 100%. >> yeah, 81 years old, and of course we wish him a continued speedy recovery. jacqueline howard, thank you. so the republican caucuses in iowa may still be more than ten months away, but the battle has begun. >> and while florida governor ron desantis has yet to announce that he's running for president, that's not stopping donald trump from sharpening his attacks against him.

>> ron desanctus -- anybody ever heard of wrim he very bad on ethinal and fought it all the way. social security, voted against social security. that's a bad one. but you have to remember ron was a disciple of paul ryan who is a rino loser. and to be honest with you ron remind me a lot of mitt romney. >> margaret child, a cnn political analyst and senior contributor to axios. hey, margaret, good to see you. interesting because the attacks against paul ryan elicited boos but it was sort of a mixed response from the crowd there when the former president went after governor desantis. what does that tell you about their vying for the top spot in the party noting desantis has

yet to decide and announce what he's doing. >> look, what it tells me is there is tremendous at least curiosity about governor desantis in early republican states around the country including in iowa. and, look, it's no surprise donald trump feels threatened bide ron desantis. he's going after him. donald trump is mad at mike pence. pence says that his district will hold trump accountable. donald trump wants to knock down all his rivals or would be rivals. i think my question today for governor desantis is whether his fairly controversial position, posture on the relevance of the war in ukraine to u.s. policy, whether that's going to be impacted by what's happened with the drone over the black sea. >> that's interesting to tie these two things together. let's talk more about this

statement ron desantis made because you brought it up, margaret. ron desantis called the invasion, the russian invasion of ukraine, the illegal unprovoked invasion a territorial dispute, basically saying the u.s. shouldn't be too involved there. what are the politics of that, margaret? >> i mean, look, so far donald trump has been the core of the -- sort of anti- -- not going to say anti-ukraine but anti-u.s. involvement, limiting u.s. involvement. some people have said this puts desantis in trump's camp. i think it puts desantis further to the right of donald trump. donald trump has said that ukraine is not of vital national interest to the u.s., it's more of vital interest to europe and that the u.s. shouldn't be as involved. desantis has taken this further calling it a territorial dispute.

ukraine is a major wedge issue inside the republican party. there is a isolationist and nationalist wing, and just a wing that has fatigue from two decades of war in iraq and afghanistan that's saying the u.s. should focus on its problems back home. that is not a unanimous view inside the republican party by any means especially when it comes to russia and what -- and the tests russia is making out of ukraine right now. and you can see that marco rubio now criticizing desantis and they share a state. marco rubio is a republican senator from florida, but saying this is not a territorial dispute. nikki haley and tim scott, much more in a we should do more not less position when it comes to ukraine. so we're seeing those battle line. but if you add trump and desantis together in terms of early support you're looking at a majority of early republican support goes to one of these two candidates and they're both firmly in the get the u.s. out

of ukraine's war camp. >> yeah, that says something. that is noteworthy. and you look at new cnn polling that suggests exactly what you just laid out there, that the majority of republican voters for now at least when presented with nine potential candidates, donald trump is number one at 40%, and ron desantis is there at 36%. this isn't just an inside party issue now in terms of where ukraine stands. this is something that the white house i would imagine is watching closely as well because when you've got a divided congress, you've got a president who's going to have to go back and ask for more funding to support this war throughout the year. >> yeah, and it's part of why urecall before kevin mccarthy became speaker why there was such an end of the year push in 2022 to get as much ukraine funding locked down as possible because there was acute awareness it was going to be very hard to getdential funding

in this fiscal year. the challenge is that the war is going to go beyond this fiscal year, and what happens then? at this moment even the presidential elections are always about the u.s. economy. look, if things continue escalating, if there are conflicts or problems with the deescalation agreements between the u.s. and russia in areas like international waters around the black sea, that is a real problem. and it threatens to pull the u.s. further in. but if russia is doing the testing -- is testing the boundaries, is using this as testing the u.s. resilience and willingness, then this domestic desire to pull back is really going to run up against what is the u.s.' role in the world and is the u.s. going to cede moral authority to russia. it's going to shape up to be an issue in the campaign i think. >> margaret, great to see you. thanks so much.

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today the mayor of louisville, kentucky, announced an agreement between the police and the inspector general to increase transparency with the public. this follows a scathing report by the justice department that found the city's police department routinely discriminated and abused their power.

>> the doj launched that investigation after the botched no knock raid that killed breonna taylor three years ago. cnn's brin jingras is following this for us. >> the office of inspector general was also formed after that happened with breonna taylor. people came forward and made complaints against the louisville police department, they were having trouble according to this inspector general getting information from the police department to conduct these investigations against these complaints of officers. so this takes out a way. there's now going to be more transparency for the public in louisville. there's a new mayor, a new interim police chief, so lots of changes there. two headlines to point out here. one of them is this is going to allow the inspector general's office to require officers to be present when they actually interview witnesses, and they're going to have due process for those officers as well. so they're going to be a part of this process as they conduct these investigations by the

inspector general's office. and the second is a big one, and this is body cameras. of course we know how much body camera footage is so important to come to light. that wasn't exactly happening in louisville as we have seen not just there but of course in other instances across the country. so now this is going to allow the inspector general's office access to that body camera footage as well as administrative documents to conduct that investigation and have no lag. because that's also a big thing, right? they want that video to be -- you know, handed over right away so there's no questions of any manipulation of video by the police department. so these are two big headlines. and as you guys mention this directly addresses sort of the doj conversation that points out what they pointed out last week about what reforms needed today be made. but i want you to hear from the police chief her response to these new reforms. >> i fully know from where i stand today that my officers are wanting to do what is best for the department and for the

community. so i'm going to put myself out here and say i've got faith in them as i stand today that they will do what is in the best interest in order to move these processes along. this is a new day. >> and a new day it is, what she says for that community. of course there needs to be so much change in that community, so much trust that needs to be built between the community and the police department. the mayor hopes this the next step. there are more than recommendations made by the doj last week and he says they'll continuing to be address those. >> yeah, got a lot of work to do there. facebook's parent company meta says it is laying off another 10,000 employees since scrapping thousands of open positions. stay with us for more on this. ♪ ♪ get directv with a twowo year price guarantee.

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earlier today, facebook's parent company meta announced will lay off another 10,000 employees. founder mark zuckerberg said details about the restructuring will be announced in april and may. >> so, these are just the latest layoffs to hit meta. in november, the company cut 13% of its workforce. cnn's vanessa yurkevich is with us now. what is going on? did mark zuckerberg explain why the company is shrinking so much? >> he did, he called his part of efficiency and the layoffs. this is the second round, the layoffs in november, about 11,000. this is about 10,000, and what he sent to employees this morning is a lengthy memo, quote, we should prepare ourselves for the possibility

that this economic reality will continue for many years. higher interest rates lead to economy running leaner. and increased regulation leads to slower growth. yes, he is correct about that. but we also have to point out tech companies progressively hired over the pandemic because we were living so much of our lives online. with the undoing of all of these pandemic rules and regulations, we started to live offline again. and with meta in particular, a lot of advertisers are pulling back on spending, meta, facebook, all owned by meta, makes money on advertising. so for meta, they have to make the very critical, and for people getting laid off, tough decisions. in terms of this year alone, 2023. we've seen 128,000 layoffs across tech companies including lyft, microsoft, google. compare that to last year,

160,000 layoffs. it's important to point out to folks we saw a very robust jobs report. 311,000 jobs added. so there are other industries that are hiring. it's just the tech industry is experiencing a pullback right now. but the tech industry only represents about 2% to 3% of the overall labor market. so, we don't want to put stooch weight into this, but of course, we're talking about people's jobs. 10,000 jobs is the second layoff that met that had to do. and it's come quickly after the first round of layoffs in november. >> it's important you that put them in perspective because these are big names. >> yeah. >> but in terms of the overall economy, they make up a small fraction of the labor force. and as you know, there had been an abundance, perhaps overabundance of hiring over the pandemic. so this may be leveling out. >> it's a course correction. it's a course correction, when people see the big names, they think, am i next in my industry,

in my job. tech sector is a special case, but, of course, important, because these are jobs. >> it does make you wonder why they didn't do this batch with the first batch. >> right. >> what happened in this short interregnum that forced facebook to cut more? i imagine we'll be learning more about that in the comes days. >> it's going to happen over the next year or so. so a longer time to do layoffs, they're kind of getting ahead of it. i think they're hedging on what's to come, guys. >> notably, they're citing interest rates as well. vanessa, thank you. >> thank you, guys. >> all right. "the lead with jake tapper" starts after a quiuick break. ♪ the old way of working is deader than me. ♪ ♪ w we'll scale up, and we'll scale down ♪ ♪ before you're six feet underground. ♪ ♪ yes, this is how, this is how we work now. ♪

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